eToro vs Webull: Which Is Best For Aussie Investors & Traders?

Equipped with advanced tools, zero commissions and a sleek interface, Webull makes every trader feel like they’re in the big leagues – without the stuffy suits or the skyscraper offices.

Then there’s eToro. Less Wall Street, more Silicon Valley.

A platform that isn’t just about trading, but about making investing less clunky, time-consuming and intimidating.

eToro wants you to connect, learn and even copy the strategies of seasoned pros. It’s a refreshing alternative to the grind of technical charts and endless analysis.

But which one should you pick?

Do you want to be the lone wolf, deep in data, dissecting trends? Or the social butterfly, gliding through a sleek interface while borrowing wisdom from the best?

Let’s dig in.

eToro vs Webull: My Quick And Dirty Verdict.

If your investing life revolves around ETFs, Webull is your go-to.

Its zero-commission ETF trading is a godsend. But beyond that? Webull feels more like a supporting act than the main event.

Features like CopyTrade and Smart Portfolios take the guesswork out of investing, making it easy to mirror professional strategies without hours of research.

Sure, eToro costs more, but the added tools and a much larger range of assets can make it worthwhile – if you value convenience and diversification.

Selection Of Assets.

Webull focuses on US and Australian markets, offering a solid foundation for equity and ETF trading.

But the cracks start to show when you venture beyond these regions.

Yes, it will let you buy popular shares and ETFs, but it falls short if you want to build a well-diversified, multi-asset, long- and short-position portfolio.

(Related: 9 Best Online Brokers In Australia).

In contrast, eToro takes the lead with a more extensive selection of over 20 global equity markets, including Europe and Asia, while it also covers a broader range of cryptoassets (101 versus 8).

To be fair, it’s unlikely you will want to trade more than five cryptoassets.

However, for investors who want to diversify their mainstream asset exposure across multiple geographies, this is a meaningful difference.

Trading Tools & Features.

This section is where the two platforms take different paths.

Webull’s trading tools are certainly among the more feature-rich available to investors.

Its latest platform release (Desktop 8.0) a real challenger to the offerings of some of the most established names, such as CMC Markets.

This release offers a raft of new charting capabilities targeting the more sophisticated investor that is trading options, futures and CFDs.

Beginner investors will likely be better off starting with WeBull’s trading app which strips back a lot of these features, removing unnecessary distractions and making it a much easier place for investors to start.

Overall, Webull provides a gateway for beginner investors, while its recent updates appear to be an attempt to lure investors from the more established brokers, such as Interactive Brokers.

The one negative is that the desktop version of its mobile app does not replicate the smooth user experience of the mobile version, which may irritate some users.

The platform will feel familiar to investors who have grown up on social media.

While more advanced features are available, these are not front and centre. This makes the problem appear more friendly and less confusing to investors just starting out.

Great examples of this are the social features like CopyTrade that make it easy to follow and mimic the moves of successful investors, while SmartPortfolios offer targeted investment portfolios (without management fees) to themes such as ‘Big Tech’.

Think of it as a shortcut for time-poor investors or beginners unsure where to start.

(Related: 15 Best Share Trading Platforms In Australia Compared).

Should you want to strike out on your own into the world of analysis, eToro will support you with professional tools, such as TradingView and an economic calendar. 

The slight nuance of eToro is that, while it’s clearly aimed at less experienced or time-poor investors, it also offers an enticing upside to professional investors.

A bit like fund manager fees, but for retail traders, with a 1.5% commission structure offering a not-to-be-sniffed at passive income for professional investors.

For example, if you have $500,000 in AUC and at least 10 people copying your strategy, you’d pocket $5,500 annually in commission.

User Experience.

User experience is definitely an area that lets Webull down. While its Android/iOS app functions on par with its competitors, the desktop version is borderline unusable.

For some investors this won’t be an issue, but being able to switch seamlessly between phone and desktop versions of apps is a feature that is more or less expected these days.

Its user experience is consistent across devices, with a design ethos that feels more like Instagram than a traditional broker.

For younger, mobile-first investors, this seamlessness is a huge win and is reflective of eToro’s more premium feel in general.

Fees & Commissions (How They Make Their Money).

This new wave of zero-fee commission online brokers is beginning to feel as much of a scam as Coles’ ‘new lower price’ labels.

Trust me, you are being charged. It’s just less obvious.

FX fees, payment for order flow, and other sneaky charges can eat away at those savings faster than you’d expect.

eToro is more upfront about its costs.

Yes, they’re higher, but the tools and features you get in return make it feel like a trade-up rather than a trade-off.

It should be seen as a premium product offering to save people their most valuable asset, time.

This is reflected in its eToro club.

The club is a bit like airline status (which may excite most Aussies reading this!).

The more money you invest with eToro, the more you’ll get back.

Fees are discounted by 50% at the Platinum ($25,000) Level, while Diamond ($250,000) Level investors will have conversion fees waived, be ‘wined & dined’ at sporting events and receive a Priority Pass for airport lounges.

That said, the key point regarding broker fees, is understanding how the broker is making money.

For example, Webull offers zero-fee commissions on ETFs, but its higher FX fee conversion fee may make it less attractive for global equities.

That information allows you to choose the fee structure that is most beneficial to you.

So, this is a somewhat transparent look at how both eToro and Webull will make their money.

What is payment for order flow? Payment for order flow is the most controversial charge. Brokers sell their clients’ orders to market makers who pay the brokers for these orders.

The market makers trade with the orders by taking the other side of the trade, thus establishing an execution price.

This is done by both eToro and Webull, with both brokers requiring a written request to receive the full financial details on how much each broker is making from this practice.

It’s worth adding that while this practice is controversial, it’s common for almost all brokers and for a buy-and-hold investor; a few cents’ difference in trade price is very unlikely to have a material impact on your performance over the long term.

So, what’s the takeaway? If you’re focused on ETFs or US-listed stocks, Webull’s pricing structure can work for you.

But for a broader investment strategy and premium tools, eToro’s higher fees might actually save you time – and money – in the long run.

Security Measures.

Both platforms are registered with the major financial regulators, with IPO ambitions that promise even more accountability.

Webull also offers CHESS-sponsorship, meaning any shares you buy are held in your name rather than by a custodian. By comparison, eToro doesn’t offer this.

But for most investors, the difference is unlikely to have any real-world impact. Thanks to tighter financial regulations, the days of brokers vanishing with client funds are all but behind us.

Customer Support.

Let’s face it, customer support is not something many brokers do well.

Webull does offer a little more than eToro here, with phone support to complement its FAQ section, live chat, and email options.

Well, it’s hit or miss. Some queries get resolved quickly and effectively, while others get bogged down in delays or vague responses. Then there’s the recurring gripe: promotional offers tied to sign-ups or referrals.

These are littered with small print, which Webull appears to be relying on to get them off the hook.

Complex issues often require email support, which can move at a glacial pace. But eToro does have one ace up its sleeve: its social trading community.

Often, the collective wisdom of experienced users can solve problems faster than official channels.

In short, neither platform is winning awards here, but Webull’s promotional hiccups give it a slight edge in frustration levels. Proceed with patience – and low expectations.

Exploring Common Complaints.

When analysing negative reviews, three main concerns frequently arise:

Let’s start with the first issue: users losing money due to positions being closed, often attributing this to a failed stop-loss.

Important Reminder.

Stop-losses aren’t typically guaranteed, especially during periods of high market volatility.

It’s understandable to feel frustrated when a position closes at a larger loss than expected, only to see the market rebound later.

However, the broker isn’t being unfair – it’s simply executing your order under the market conditions at that time.

The takeaway? Stop-losses are a useful tool, but they’re not foolproof. Always use them with care.

Next, Know Your Client (KYC) Regulations.

If you’re frustrated by the amount of personal information requested, understand that it’s a compliance requirement. This is especially true for U.S.-based brokers, which face stringent anti-money laundering regulations.

These rules are becoming increasingly strict, so expect more data requests in the future. Refusing to comply could lead to account restrictions, so it’s best to stay proactive.

Annoying? Yes. Avoidable? No.

Lastly, Deposit And Withdrawal Delays.

For buy-and-hold investors, minor delays in fund transfers are unlikely to matter. If you’re planning to hold Tesla shares for years, whether it trades at $800 today or $802 tomorrow won’t significantly impact your strategy.

However, for day traders or those who need quick cash flow, delays can be disruptive. These platforms aren’t banks, so having a contingency plan and maintaining some liquidity inside and outside your trading account is wise.

Tom